Here is a context clues worksheet on the adjective two-bit. I wonder if anyone knows these days that two bits means twenty-five cents. Two-bit, therefore, means “cheap or trivial of its kind,” “petty, and “small-time”; this document is keyed to those definitions as well.
Unless you plan to teach a reading unit on Damon Runyon, or cast a production of Guys and Dolls, I can’t imagine why any student needs to learn this vanishing adjective. I can, however, imagine, that this was the Word of the Day at Merriam-Webster at a moment in life when I had some time on my hands.
If you find typos in this document, I would appreciate a notification. And, as always, if you find this material useful in your practice, I would be grateful to hear what you think of it. I seek your peer review.